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It only lasts for one character, it works on all characters (for instance Caps Lock won’t change a “2” India an “@”), and it also works for other modifier keys like “Ctrl” and “Alt.”
It’s an accessibility feature. If you only have 1 hand, for instance, some shortcuts would be impossible without it.
( ͡° ͜ʖ ͡°)
Or if you’re arthritic or have a hand injury and holding down multiple keys is painful/stretching digits to reach shortcuts is painful.